Ghana Islamic Microfinance

Kwaku Yamoah Kyei, Chairman & CEO at US-Arab Summit

The Ghana Islamic Microfinance (GIMF) is a project of EPF, a company limited by Guarantee with registration number G4, 964. It was initiated out of concerns of the unprecedented growth in micro-finance outfits in the country, most of which have unfortunately turned to look for opportunities to make profits from the poor.

Since poverty and inequality mutually reinforce and breed the degeneration of a society, GIMF seeks to introduce the first interest free microfinance institution in Ghana in response to the needs of the poor. We aim to adhere strictly to Sharia’a, as set in Islamic teaching.

The Ghana Islamic Microfinance welcomes Muslims and non-Muslims alike as customers. Our aim is to provide microfinance services to the community at large.

Products and services:

GIMF’s savings account is based on the contract of Al Wadiah Yad Dhamanah, which refers to a concluded contract between the depositors and the GIMF for guaranteed safekeeping. GIMF may provide a gift (hibah) should there be any profit from the utilization of the deposits.
When a customer opens a savings account, he or she will be provided with a passbook and/or ATM card to facilitate deposit and withdrawal transactions.

GIMF current account is based on the contract of Al Wadiah Yad Dhamanah, which refers to a concluded contract between the depositors and the GIMF for safekeeping of funds. The depositor grants the Bank their permission to utilize the money and GIMF in turn guarantees the value of the deposit. GIMF may provide a gift (hibah) should there be any profit from the utilization of the deposits. When a customer applies for a current account, he will be provided with a cheque book and an ATM card to facilitate his banking transactions.

GIMF investment account
is based on the Islamic contract of Al-Mudharabah, which refers to a contract made between depositors and GIMF to enable it to carry out business ventures within the Shariah guidelines whereby both parties agree to share the profits from their investment according to a mutually agreed ratio. When a customer signs up for our investment account, he will be provided with a certificate bearing the amount deposited. The deposit will be invested in a specific duration: 1 month, 3 months, 6 months, 9 months, 12 months,
18 months, 24 months, 36 months, 48 months or 60 months. At then end of the tenure, profit will be distributed according to profit sharing ratio.


GIMF finances its customer for the right to use the services of certain assets based on the principal of Ijarah. GIMF purchases the asset required and leases it to the customer for a fixed period as agreed by both parties. During the lease period, the customer pays rentals to GIMF comprising the cost to GIMF for the purchase of an asset plus GIMF’s profit margin. The ownership of the asset remains with GIMF.

Term Financing

Femi, board member of Ghana Islamic Microfinance

A customer identifies the asset he or she wants to purchase and approaches GIMF for financing. Under the contract of Bai Bithaman Ajil, GIMF will purchase the asset at cost and sell the same to the customer at cost plus profit. The customer will then settle his purchase price on deferred payment basis to GIMF.

General Investment Account

This account is based on the contract of Mudharabah, where a contract is made between the provider of capital (depositor) and the entrepreneur of the fund (GIMF) to enable GIMF carry out business within the Shariah principles, whereby both parties agree to share the profits according to pre-agreed profit sharing ratio. GIMF will pool depositors’ funds and invest them in accordance with Shariah principles.

Hajj Savings Scheme

Ghana Islamic Microfinance Bank plans to take a leading role in supporting Muslim customers intending to perform Hajj and Umrah in Makkah. GIMF will set up a special saving scheme for this purpose. Under this scheme, customers will be advised on the period of savings and the amount required to participate in the Hajj or Umrah program. They will also be advised regularly on the state of their deposits and as soon as individual deposits and accrued profits are sufficient to meet the total cost of performing the Hajj or Umrah, GIMF will act on the instructions of customers.

Hiwalah Services

Ghana Islamic Microfinance will provide Hiwalah service (wire transfer) for its customers to transfer funds internationally, especially to and from those who are residing abroad. Through our proposed vast network of brokers, we will provide our customers with a fast, convenient and safe transfer of funds for a minimal commission rate.

Hajifat Micro Entreprenurs Loan

These loans are given to establish a new small scale or micro business or expand an existing one. The individual has to come up with a viable business plan to become eligible for the loan.

Emergency Loan

This type of loan is given to meet emergency situations such as school fees, treatment, purchase of medicine, etc. These loans are given to prevent the poor from major fallbacks.

GIMF is expected to operate in the key commercial areas with high Muslim population such as Accra, Kumasi and Tamale and further expand to Saltpond, Techiman, Wa, Nkawkaw and other parts of the country.

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